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The Howard Foundation
{Registered Charity Number 285822)
Consolidated Annual Report and
Financial Statements
Year ended 5 April 2022

The Howard Foundation
Contents for the year ended 5 April 2022
Page No
Reference and AdministrativÈ Details
Tru5tee5 Annual Report
Statement of Trustee Responsibilities
Independent Auditor's Report to the Tru5tee5
Constslidated Statement of Financial Activities
io
Charity Staternent of Financial Activities
li
Consolidated Balance Sheet
12
Charity Balance Sheet
13
Consolidated Cash Flow Statement
14
Notes to the Financial Statements
15
The following pagès do not form part of the statutory accounts
Income and Expenditure Account
25

The Howard Foundation
Reference and Administrative Details for the year ended 5 April 2022
Charity name
The Howard Foundation
Charity registration nurnber
285822
Principal Office
7 Marfleet Close
Great Shelford
Cambridgeshire
CB22 SLA
Administrative Office
17 Cricketers Approach
Wrenthorpe
West Yorkshire
WF2 OJH
Board of Trustees
Mr5 J Lambert Ichairpersonl
MTS A Fleet
Professor D Thurnham
Foundation Secretary
Mr J L Howard
Group's Accountant
Mrs M Everett FCA
Auditors
SMH Jolliffe Cork Audit Ltd
33 George Street
Wakefield
WFI ILX

The Howard Foundation
Report of the Trustees for the year ended 5 April 202Z
The Trustee5 present their annual report together with the audited consolidaled financial statements of the
Charity and its subsidiaries for the year ended 5 April 2022.
The Trustee5 have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended
Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard
pplicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191 and the Charitie5 Act 2011.
Objectives and artivities
Consttitution
The Howard Foundation I'the FoLJndation-l is a registered charity and was constituted under a Trust Deed dated
24 October 1982. The Foundation's re815tered number and the addre55 of the principal office. together with details
of the Trustees who served dLsrinB the period are included in the Reference and Administration Details on pa8e l.
Objerts of the Foundation
The Foundation was forrned by the late Dr Alan Howard, one of the country's leading nutritionists based at the
Univer51ty of Cambridge, to prornote the Univer51ty of Cambridge and in particular bio-medical research. especially
in the field of nutrition and health and for other hurnanitarian cause5. The Trustee5 confirm that they have referred
to the guidance ctrntained in the Charity Commission's general guidance on Public Benefit when reviewinE the
Foundation's aims and objectives and in planning future activities and setting the grant making policy for the year.
The Foundation has interest5 in a number of patents as well as intellectual property I"IP~I such as trademarks,
copyrights and scientific'know-how in specialist foods and food supplernents.
The Foundation continues to carry out these objectives by way of grants to Downing College and to both the Chair
in Human Nutrition and other research activities at the former Waterford Institute of Technology, Ireland IWITI
which from May 2022 became the South East Technological University of Ireland I'SETU"). The Chair is currentlv
held by Professor john Ntslan I"Prof Nolan").
The Trystees are able to confirm the Foundation's activities are conducted in accordance with the requirements
of Section 4 of the Charities Act 2011 and the fulfilment of the Public Benefit provision and guidance published bv
the Charity Commission for England and Wales.
Gmnt moking poliry
The Trustee5 consider grant prop05a15 falling Wlthin the Charity's Objects based on ability to improve its existing
IP and know-how or, in the case of local Cambrid8e grants. the recipients. need and over311 efficacy of the proposed
Erant. All research supported by the Foundation is required to be peer-reviewed and published in open scientific
publications as well as on webslte5 Owned by the Foundation.
The Foundation ha5 continued its research partnership with WIT Inow SETUI and Prof Nolan worklng towards the
completion and publication of clinical trials relatingto Alzheimer's Disease. The results of the clinical trial IReMINDI
has led to a paper being accepted by the JAD (Journal of Alzheimer's Disease) and publication is expected in the
Summer of 2022. The International Brain and Oculai Nutrition IBONI conference is organised by the Foundation
and the second conference, delayed by the pandernic, will be held 27-29th July 2022 in Cambridge. The5È activities
will enhance the value of the Foundation's IP, including patent applications which are underway.
One new Érant has been made in the finaricial year 2V23 which 15 for the SNIPE15port Nutrition Interyention in
Performance Environment) project which 15 lookin8 at the influence of Lutein. Zeaxanthin and Meso-zeaxanthin on
visual function and sports performance. This project is managed by NOW-Science IProf Nolan's company) in
Waterford, Ireland and conducted by the NRCI INutrition Research Centre Ireland) at SETU and by Sport Singapore.
Thi5 project forms part of the Pho funded by the Foundation at SETU and noted below.

The Howard Foundation
Report bythe Trustees for the year ended 5 April 2022 (continued)
Achievements and performan
Churitable Artfvltles
In May 2021, Prof Nolan and collea8ues e5tabli5hed a new and independent scientific certification for a55essing
label claims of products containing carotenoids or omega-3 fatty acids. This is called Supplement Certified and
came about through an original sugEestion by the Dr Alan HowaTd and is housed in the Howard Laboratory at the
NRCI.
In September 2021, three representative5 of the Foundation vi51ted NRCI to attend the Inaugural Alan Howard
Lecture given by Prof Nolan and to disCUSS the potential funding of future research projects.
A memorial service for Dr Alan Howard wa5 held in the Chapel at Downing College in October 2021 with live
broadcast to both the Howard Theatre and the internet. It was recorded and remains available via the Foundation
website.
The Royal Society Of Medicine IRSMI held the Alon Howord Memoriol Lecture in December 2021. This was given
by Professor Sir Stephen O'Rahilly and titled Celebrotlng the centenury of insulin. St wa5 chaired by Professor Sir
John Cunningham and broadcast online.
In December 2021, research sponsored bythe Foundation wa5 published in thejournal Clinical Nutrition. The paper
by Rebecca Power. is titled Omegu-3 fotty ocid, Garotenoid t7nd vitamin E supplementution improves working
memory in older odults.. A rondomised clinicol trial.
In January 2022, selected scientifit and busines5 papers of Alan Howard and The Howard Foundation Group from
1960 to 2005 were delivered to the University Library at Cambridge by way of gift.
Mrs Julie Lambert and Mr Jon Howard were each awarded a Foundation Fellowship at Downing Co51ege at a
ceremony in February 2022. Julie is the first womari to hold a Foundation Fellowship. lon was already a Wilkins
Fellow.
The New5 Section on the Howard Foundation website Iwww.howard-foundation.coml is updated iegularly. In
particular, pages were added for the memorial service and the lecture at the RSM.
Financial review
The Foundation owns subsidiary companies engaged in the comrnercial exploitation of IP right5 in nutriceuticals.
The Foundation relies for its income on both an investment portfolio and GiftAid donations from these commercial
subsidiaries which manage royalties from patents and trademarks, together with trading in nutriceutica15 under
licensed agreements.
The Foundation'5 only direct subsidiary is Howard Foundatiot) Holding5 Limited IHFHI. which manages and directs
(Trne other active subsidiary trading company, namely Nutriproducts Limited INPI. HFH has received quarterly
royalties fiorn Howard Foundation Research LimitÈd IHFRI. While royaltle5 have continued through FYIFinancial
Yearl 21122. despite attempt5 to help find potential investors, HFR is expected to cease trading during the latter
part of the FY 22123.
The trading activities of NP continue to increase despite the COVID pandemic. The position of Macuhealth USA
continues to be particularly strong. They capitalised on their direct connection with eye health professionals and
Set up online training which helped to boost sales. They are also adding new online distributors and have adopted
a new formulation with improved bioavailability resulting in part from research work funded by the Foundation at
NRcI/wiT. It is expected that this will lead to increased sales in all territories.
Macuprirne Ltd, based in Ireland and set up in April 2019, is the Macuhealth company for the UK and Europea
market. They began sales in Ireland but the COVID pandemic held back their growth durtng FY20121 due to
restrictions on travel and personal contact. They have continued to increase sales in Ireland and are becoming well
represented in local pharmacies. The Macuhealth parent company are looking for ways to increase marketing and
distribution into both the UK and other EU countries.

The Howard Foundation
Report by the Trustee5 for the year ended 5 April 2022 Icontinuedl
Flnancial review Itontlnuedl
A company in Norway ha5 begun to market a new product usit)g ingredients from IOSA (the production partner for
NP) that are covered by existing HFH patents and so generating a new royalty to NP.
The major research activity funded by the Foundation in recent years has been tOWaTds supplements for blain
health, in particular for the prevention and treatment of Alzheimer'5 disease. This has resulted in the 'Memory
Health" produtt launched in the USA in 2018. Sale5 have been slowly increasing through online marketing. It is
hoped that, as a result of the publication of the ReMIND papèr in the summer of 2022. sales will increase further
during 2022 and 2023. Macuprime have now launched the product in EUIUK as 'ReMind" Iwww.remind.eul.
HFH has continued the strategy for managing its patent portfolio that was adopted in 2021 with relevant patents
being renewed during the period. A patent for "Prevention ond/or treotment of neurodegenerotive disease. was
granted in Ireland in June 2021 and in Singapore in Septernber 2021. Patents have already been granted in the UK
and USA. Further applications are pending.
Gift Aid from HFH and NP had been paid regvlarly since the Foundation was founded up until 2018. This
represented è majority of the subsidi31y's net profits year on year. In thi5 finantial year. gift aid of £284,000 has
been rrade from the business to the Foundation.
Both HFH and NP retain adequate working fund5 to manage themselve5 and invest in research and development.
The major continuing commitrrent from the Foundation is for Howard Chair in Human Nutrition at SETU. There
are pending di5CUs5ions as to whether the change from WIT to SETU will affect the current agreement but at
present no significant change 15 expected. The costs of this commitrnent are more than coverÈd by the existing
investments of the charitv.
The Foundation has agreed to fund a FhD Student at SETU over four years lat É4.500 per academic yearl together
with covering the costs of the SNIPE research projett (estimated at É83,500 to be paid in FY 221231.
The Foundation is also funding the insta113tion of a tree sculpture. designed by the art15t Ai Weiwei. at Downing
College with a plaque in memory of Dr Alan Howard. This is due to be installed in July 2022. The Foundation has
offered to pay up to £28,250 towards this of which £12,500 was paid in February 2022. The remaining balance for
this is estimated at £15,750.
The Foundation 15 considering funding a second lerture at the Royal School of Medicine at a cost of £20.000. likely
to be held in Autumn 2022.
Investmentpolicy ondperformance
The Foundation and it5 5ub5idiary IHFHI invest through Asset Management Cornpanies or directly throu8h an
advised stock holding programme, backed by cash reserve5. The Foundation'5 investments are mainly held in Euro
denominated or linked funds owing to commitments to the Chair at SETU and the associated research prDjectS
being payable In Euros.
Rlsk monagement
The principal risks faced by the Foundation lie in the performance of its investments and operational risks from
both ineffective grant making and performance of the trading subsidiaries.
The main form of financial risk faced by the Foundation is that the primary income stream is from donation5 under
Gift Aid from its subsidiary companie5 and this is dependent on them remaining profitable. The Trustees are in
regular contact with the directors of the 5ub5idiaries and manage financial risk by only committing to future grants
once the anticipated levels of profitability for each accounting period are reasonably certain.
The Foundation also faces financial risk from the volatility in equity markets and investment markets due to wider
economic ctsnditions. The Trustees manage the risk through 5è1eeting funds which are well manaeed bv
experienced managers within reputable institutions. A spread of investments helps to reduce the risk of the
portfolio as a whole.

The Howard Foundation
Report by the Trustees for the year ended 5 April 2022 (continued)
Achlevements and performance Icontinuedl
Reserves pollcy
The general principle of our reserves policy is to maintain syffitient investment5 to cover the comrnitment to the
Howard Chair at SETU together with cover for unforeseen expenditure.
The aim of our reserves policy for FY22123 is to..
Continue to maintain sufficient reserve5 to enable the Foundation to meet it5 exlsting grant obligations
of 1661.044 to the Howard Chair at SETU. The current reserve held in euros is £711,698.
Continue to fund the Howard Chair at SETU through Gift Aid donations from the trading subsidiaries.
Maintain a level of unrestricted funds I£IOO,0001 to cover unforeseen expenditure such as a requirement
for professional advice to reprÈsent and protect Foundation and the Tru5tee5 in the event of any claims
involving research or other Foundation activities.
Further information in respect of these obligations can be found in note 18 to the financial statements.
The Foundation5' reserves consist mainly of the investments held with its Asset Managers and also the investment
in it5 subsidiary undertakings, a lèree propc>rtic>n of which is a150 supported by investments held with its investment
managers.
The balance held a5 unrestritted funds by the Foundation as at 5 April 2022 was £2,534.96512021 £2,446.4161.
Plans for the future
The Foundation is currently committed to one research project ISNIPEI lasting until 5umrner 2023. This is using a
new formulation which 15 covered by existing patents. This new formulation 15 to be marketed by Macuhealth a5
a new product.
HFH continues to look to patent a5 much of its IP as possible.
NP continues to work with IOSA Ilndustrial Organica S.A.. Mexico), Macuhealth USA, Macuprime EU and Mèmory
Health USA to entourage the development of new markets.
Strudure. governance and management
Recruitment tsnd oppolntment oAnew Tnistees
Mr5 Julie Lambert continues as chair. The Trustees who have served during the year and since the year end are set
out on page one. The minimum number of Trustees is two and additional Trustees may be appointed at any time,
but shall at no time exceed five.
Orqanisutionol strurture
The Trustee5 have delegated the day to day running of the Foundation to a management team comprising.. Mrs
Julie Lambert. who 15 a director of b(>th HFH and NP a5 well as being chair of the Foundation,. Mr Jon Howard. who
15 a direttor of HFH and NP.. Mr Tom Povey as manager of HFH & NP; Mrs M J Everett ACA. who is the Financial
Accountant.
Mr Howard is the point of contatt for patents, trademarks. legal and contractual matters. Mr Povey is the main
ontact with business partners. MTS Everett manage5 the trading operations. Mrs Lambert represent5 the TIu5tees.
The directors hold regular video conferences with the manager together with regular email exchange. The financial
accountant produces a quarter5y review trf account5 for the directors. The management team maintain regular
contact with both Prof Nolan as the Howard Chair and with business partners.
Trustees are updated regularly by the director5 by email, phone and informal meeting5, enabling interim
monitoring of activities. The chair reported to the trustee5 in August and December 2021 and in March 2022.
Induction ond training of new Trustees
TTUStees are inducted into a knowledge of the Foundation's research activities and its Past and current charitable
interests.

The Howard Foundation
Report by the Trustees for the year ended 5 April 2022 Icontinued)
Strutturè. governance and management Icontinuedl
Trustee Activity
Trustees are expected to attend two trustee meetings each year for discussions of the Foundation's work. Thev
are 3150 encouraged to attend any research seminars and soci31 events associated with projects sponsored by the
Foundation so as to understand the nature of the research and it5 commercial implications.
Trustees responsibilitie5 in relation to the financial statement5
The Trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with
applicable law and United Kingdom Accounting Standard5, including Financial Reporting Standard 102 'The
Financial Reporting Standard applicable in the UK and Republic of Ireland. (United Kingdom Generally Accepted
Accounting Practice).
The law app5icable to charities in England and Wales require5 theTru5tees to prepare financi31 statement5 for each
rinancial year which give a true and fair view of the state of affairs of the charitable group and of the income and
expendsture of the charity for that period. In preparing these financial statements, the Trustees are required to
select suitabSe accounting policies and then apply them consistently.,
observe the methods and principles in the Charity SORP,.
make judgements and accountin8 estimates that are reasonable and prudent-
state whether applicable accounting standards have been followed, 5ubjÈct to any material
departures disclosed and explained in the financial statements, and
prepare the financial statements on the going concern basis unless It 15 inappropriate to presume that
the charity will continue in business.
The Tfustees are responsible for maintaining proper accounting records which disclose with reasonable accuracv
at any time the financial posltion of the charitable Group and to enable them to ensure that the financial
statements comply with the Charities Act 2011. the applicable Charitie5 (Ateounts and Reports) Regulation5 2008
and the provisions of the trust deed. They are also responsible for safeguarding thè assets of the charity and hente
for taking rèasonable step5 for the prevention and detection of fraud and other irregularities.
The Trustees are responsible for the maintenance and integrity of the Charity and financial information included
on the Charity's website. Legislation in the United Kingdom governing the preparation and dissemination of
financial statements may differ from legislation in other jurisdictions.
Independent auditors
The auditors, SMH Jolliffe Cork Audit Ltd, have indicated their willingness to remain in office. and a resolution to
reappoint them will be proposed at the Annual General Meeting.
Approved by the Tru5tee5 and signed on their behalf by..
Mr5 J Lambert- Chalrperson
Dated.. 15 August 2022

The Howard Foundation
Independent Auditors, Report to the Trustees of The Howard Foundation
Oplnlon
We have audited the financi315tatements of The Howard Foundation Ithe'charity'l and its subsidiaTY undertakings
I'the group'l for the year ended 5 April 2022 which comprise the Statement of Financial Acrivitie5. the Statement
of Financial Position, the Statement of Cash Flow5 and notes to the financial statements, including the significant
actounting policies. The financial reporting framework that has been applied in their preparation is applicable law
and United Kingdom Accounting Standard5. including Financi31 Reporting Standard 102 'The Financial Reporting
Standard applicable in the UK and Republic of Ireland. (United Kingdom Generally Accepted Accounting Practicel.
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent Charity's affair5 as at 5 April 2022 and of it5
income and expenditure for the year then ended,.
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice..
and
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing IuKI11SA5 IUKII and applicable
law. Our respon5ibilitie5 under those standards are furthÈr described in the'Auditor's responsibilities for the audit
of the financial statement5, Section of our report. We are independent of the Charity in accordance with the FRC'5
Ethical Standard. and we have fulfilled our other ethical responsibilitie5 in accordance with these requirements.
We believe that the audit evidence we have obtained 15 sufficient and appropriate to provide a basis for our
opinion.
Conclvsions relatlng to goin8 concern
In auditing the financial statements, we have concluded that the Trustees. use of the going Concern basis of
accounting in the preparation of the financial st3tementS 15 appropriate.
Based on the work we have performed. we have not identified any material uncertainties relating to events or
conditions that, individually or collertively, may cast doubt on the Charity's ability to continue as a going concern
for a period of at least 12 months from when the financial statements are authorised issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the
relevant sectitsns of this report.
Other informatlon
The othèr information comprises the information intluded iti the annual report. other than the financial
statements and our auditor's report thereon. The Trustees are responsible for the other information contained
within the annual report. Our opinion on the financial statement5 doe5 not coverthe other information and, except
to the extent otherwise explicitly Stated in our report, we do not expres5 anyform of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, tonsider whether the other information 15
materially inconsistent with the financial statements or our knowledge obtained in the audit. or otherwise appears
to be materially misstated. If we identify such materi31 inconsistencies or apparent material misstatements, we
are required to determine whether this gives rise to material mi55tatement in the financi31 statements themselves.
If, based on the work we have performed, we conclude that there 15 3 material misstatement of this other
information, we are rèquired to report that fact.
We have nothing to report in this regard.

The Howard Foundation
Independent Auditors, Report to the Trustees of The Howard Foundation
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Charity and environment obtained in the COUTse of the
audit, WE have not identified material misstatements in the Trustee5' Report.
We have nothing to report In respect of the foSlowin8 matters where the Charitie5 Act 2011 require5 US to report
to yc)u if, in our opinion..
the information given in the Trustee5' Report is inconsistent in any material respect with the financial
statements,. or
sufficient accounting records have not been kept,. or
the financial statement5 are not in agreement with thè accounting records and returns,. or
we have not received all the information and explanations we require for our audit.
Responsibilities of Trustee5
As explained more fully in the Statement of Trustees Responsibilities set out on page 5, the Trustee5 are
responsible for the preparation of the financial statements and for being satisfied that they give a true and fail
view. and for such internal control a5 the Trustees determine is necessary to enable the preparation of financial
Statements that are free from fflaterial mi55tatement. whether due to fraud or error.
In preparing the financial statements, the Trustee5 are responsible for assessing the ChaTity'S ability to continue as
going ctsn￿rn, disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting unless the Trustees either intend to liquidate the Charity or to cease operations, or have no realistic
alternative but to do so.
Our responslbllltles for the audtt of the financlal statements
We have been appointed as auditor under Charities Act 2011 and report in accordance with the Act and relevant
regulation5 madè or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements a5 B whole are free
from material Thisstatement, whether due to fraud or error, and to issue an auditor's report that includes our
opinion. Reasonable assurance is a high level of assurance. but 15 not a guarantee that an audit conducted in
accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatement5 can arise from
fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected
to influence the economic decisions of users taken on the basi5 of these financial statements.
IrreEularities. including fraud, are instances of non-compliance with laws and regulations. We design procedures
in line with tsur responsibilities, outlined above. to detect material misstatements in respect of irregularities,
includiff g fraud. The extent to which our procedvres are capable of detecting irregularities, including fraud is
detailed below..
The extent to which the audit was consldered capable of deterting irrègularltles Including fraud
Our approach to identifyin8 and a55es5ing the risks of material misstatements in respect of irregularities. including
fraud and non-compliance with laws and regulations, was 35 follows..
the engagernent principal ensured that the engagement team collectively had the appropriate competence.
capabilities and skills to identify or recogni5e non-compliance with applicable laws and regulations..
we identified the laws and regulations applicable to the Charity through discussions with the Trustees and
other inforrned management which we considered may have a direct material effect on the financial
statemenis or the operations of the Charity and thereafter, the audit team remained alert to instance5 of non-
compliance throughot&t the audit.

The Howard Foundation
Independent Auditors, Report to the Trustees ofThe Howard Foundation
Our responsibilitie5 for the audlt of the financial statements
We a55e55ed the susceptibility of the Charity's financial statement5 to material misstatement, including obtaining
an understanding of how fraud might occur. by-
making enquiries of rnanagement a5 to where they considered there was 5USteptibility to fraud, their
knowledge of actual, suspected and alleged fraud and;
considering the internal controls in place to miti8ate risks of fraud and non-compliance with laws and
regulation5.
To address the risk of fraud through management bTa5 and override of controls, we..
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entrie5 to identify unusual transactions.
a55essed whether judgement5 and assumptions made in determining the accounting estimates were
indicative of potential bias.. and investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with law5 and regulations, we designed procedures
which included, but were not limited to..
agreeing financial statement disclosures to underlying 5upporttng documentation-
enquiring of management as to actual and potential litl8ation and claims.
reading the minutes of meeting5 of those charged with governance.
There are inherent limitations in our audit procedures de5tribed above. The more removed that laws and
regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.
Auditing standards also limit the audit procedures required to identify no)n-compliance with laws and regulation5
to enquiry of the Trustees and other management and the inspection of regulatory and legal correspondence, if
anv.
Material misstatement5 that arise due to fraud can be harder to detect than those that arise from error as they
may involve deliberate concealment or collusion.
A further description of our responsibilities for the 3udit of the financial Statements is located on the Financial
Reporting Countil's website at www.frc.orE.uklauditorsre5ponsibilities. This description forms part of our
auditOf'5 report.
Use of our report
This report is made solely to the Charity's Trustees, as a body. in accordance with Section 144 of the Charities Act
2011 and regulations made under Section 154 of that Act. Our audit work has been undertaken 50 that we might
state to the Charity'5 Trustees those matters we are required to state to the Trustees in an auditors, report and for
no other purpose. To the fullest extent permitted by law, we do not accept or assume re5pon5ibility to anyone
other than the Charity and the CharitV'5 Trustees as a body, for our audit work, for this report, or for the opinions
we have fortHed.
SMH Jolliffe Cork Audit Ltd
Chartered Accountants and Statutory Auditor
33 George Street
Wakefield
WFI ILX
Dated.. Iq rtUJu4t 20>3

The Howard Foundation
Consolidated Statement of Financial Activities {incorporatlng a consolidated Income and
Expenditure account) for the year ended 5 April 2022
Unrestiicted Restricted
Funds
Fund5
Notes
Total Unrestricted Restricted
2022
Funds
Funds
Total
2021
INCOME FROM
2 Investment5
39367
39.367
33,081
33,081
3 Donatlons fjnd legocles
4 Churitable activities
5 Trt7ding Artivities
l.S69.134
1.569,134 1.383,355
1.383,355
1.608.501
1.608,SOI 1,416,436
1.416.436
EXPENDITURE ON
6 Investments
16,048
16.048
12,309
12,309
7 Chorltoble ortivities
162,988
162,988
167,187
167,187
5 Troding Attivltfes
1.338,012
1.338.012 1,239,142
1,239,142
1,517,048
1.517,048 1,418,638
1.418.638
Re3li5ed gain on dispos31 of
Investments
11,394
11,394
15.010
15.010
13 Unrealised11055l/gain on fair value
adjustments for inv&5ttllents
{13.1321
113.33ZI
437.575
437,575
Taxation
19661
19661
6,550
6,550
NET INCOME
FOR THE YEAR
88,549
88,549
456,933
456,933
Tran5fer5 between fund5
NETMOVEMENTIN FUND5
88,549
88.549
456,933
456,933
Total funds brought forward
2A46A16
2.446,416 1,989.483
1,989,483
17 TOTAL FUNDS
CARRIED FORWARD
2.534,965
2.534.965 2,446,416
2.446,416
The statement of financial activities includes all gains 3nd losses recogni5ed in the year.
All income and expenditure derives from continuing activities of the group.
io

The Howard Foundation
Charity Statement of Financlal Artivities for the year ended 5 April 2022
Note5
Unrestricted Restrlcted
Funds
Funds
Total Unrestricted Restricted
Z022
Fund5
Funds
Total
2021
INCOME FROM
2 Investments
155.243
155,243
16.115
16,115
3 Donotions and legucles
284,¢X)O
284.lJOO
4 Charitoble ortivitles
439.243
439,243
16.115
16.115
EXPENDITURE ON
Roisingfunds
Investment management costs
5.Z03
5,203
4,162
4,162
Choritoble ortlvities..
General
Howard Foundation Chair of Human
Nutrition at SETU
reMIND
Donations & sponsorship-
Dr A Howard memoria1 lecture
Dr A Howard memorial tree
DowTring college
10.164
10,164
12,774
12,774
103,124
16,100
103.124
16,ICKI
98,714
55,699
98,714
55,699
20.000
12,5
1,100
20,¢AIO
12,500
1.100
168,191
168.191
171,349
171,349
Reali5ed1105sllgain on disposal of
Investments
Net Ilossesllgains on fair value
adjustments for Investments
1182,5031
1182.5031 612,167
612,167
NET INCOME
FOR THE YEAR
88,$49
88.549
456,933
456,933
Transfers between funds
NETMOVEMENTIN FUNDS
88.549
88,549
456,933
456,933
Total funds brought forward
2.446A16
2.446,416 1.989.483
1,989.483
TOTAL FUNDS
CARRIED FORWARD
2.534,96S
2,534,965 2,446,416
2.446,416
The statement of flnancial activities include5 all gains and losses recognised in the year.
All income and expenditure derives frorn continuing activities.

The Howard Foundation
Consolidated Balance Sheet as at 5 April 2022
Notes
2022
2021
Flxed assets
li
12
13
Intangible assets
Tangible assets
Investments
213.204
3,117
1,989,109
254,319
6,777
1,938,569
2.205,430
2,199,665
Current assets
15
Debtors
Cash at bank and Short term deposits
101,118
366,166
227.361
226.792
467.284
454,153
Llabilitie5
16
Creditors: Amounts fallin@ due
within one year
136,783
207,402
Nèt cuNent assets
330,501
246,751
Total 35sets less current liabilitles
2.535.931
2,446,416
Provlsion for liabilities
966
Total net assets
2.534,965
2.446.416
The funds of the Charity
17
Unrestricted funds
2.534,965
2,446,416
Total Charity funds
2,534,965
2,446,416
The flnanclal statements were approved bythe Trustees on 15 August 2022 and signed on their behalf bv..
Mrs J Lambèrt- Chalrperson
Mrs A Fleet
Mr
urnh3m
12

The Howard Foundation
Charity Balance Sheet as at 5 April 2022
Notes
2022
2021
Flxed Assets
14
Investrnent5
2,343,812
2,533.110
Current Assets
15
Debtor5
Cash at bank
19.489
175,264
1,193
72.508
194,753
73.701
Credltors
16
Amounts falling due within one year
3.600
160,395
Net Current AssetsllLiabllitiesl
191.153
186.6941
Total assets less current Ilabilities
2.534,965
2.446,416
Net assets
2,534,965
2.446,416
Thè funds of the Charity
17
Unrestricted funds
2.534.965
2,446,416
Total Charity Funds
2,534,965
2.446,416
The financial statements were approved by the Trustee5 on 15 August 2022 and signed on thelr behalf bv:
(arfeJk
Mr5 J Lambert- Chalrperson
Mrs A Fleet
Mr DThurnham
13

The Howard Foundation
Consolidated cash flow statement for the year ended 5 April 2022
Group
Charfty
2022
2022
2021
2021
Net cash provided byllused in)
operating activities
174,303
96,841
159,2821
13,3241
Cash flows from Investlng artivities:
Dividend5 and interest from investments
Purchase of taTr8ible fixed assets
Purchèse of intangible fixed assets
Purchase of fixed assets investrnent
Sale of fixed asset5 Investment
39,367
33,081
17331
13511
19,6741
151,7021
1100,7521 1148,0521
36,880
152.309
155,243
16,115
119,2401 116.1161
26,035
64,162
Net cash (used Inl I provided by
investing activities
134,9121
114,7151
162,038
64,161
Change in tash and cash equivalents
in the year
139.391
82,126
102,756
60,837
Cash and cash equivalents at the
beginning of the year
266.775
144,649
72,508
11,671
Cash and cash equivalents at the
end of the year
366,166
226,775
175,264
72,508
Reconciliation of net lexpenditurelllncome to
net cash flow from operating activities
Group
Charity
2022
2022
2021
2021
Nèt income / expenditure for the year
la5 per the statement of financial attivitiesl
89.515
450,383
88,549
456,933
Adlustments for..
Depreciation charges
Unrealised105s/lgèinl on investment
Dividends and interest frorn investments
Iprofitl/Loss on disposal of tangible fixed assets
Decrease/llncreasel in debtor5
IDecreasel/incre3se in creditors
Tax paid
55,182
13,332
139,3671
58,045
1437,5751
182,503
1612.1671
133.0811 1155,2431 116.1151
276,243
202,516
118,2961
1220,6021 1149.9971 1156,7951
6,550
11,231
156,794
Net cash provided byllused inl
operating artivities
174,303
96,841
159,2821
13.3241
14

The Howard Foundation
Notes to the Financial Statements for the year ended 5 April 2022
A¢￿UntIng pollcles
Basis of prepumtion
The group and individual financial statements of The Howard Foundation Ithe 'Foundation'l have been
prepared under the historical cost convention with iteThs recognised at a cost or transaction value unless
otherwise stated in the relevant notes to these financial statement5. The financial statements have been
prepared in accordance with the Statement of Recommended Practice. The Trustee5 have adopted the
provisions of Accounting and Reporting by Charitie5'. Statement of Recommended Practice applicable to
charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK
and Republic of ITeland IFRS 1021 leffective l January 20191 and the Charitie5 Act 2011.
The Foundation meets the definition of a public benefit entity under FRS 102.
The functional and presentatioin Ck5rreney for the group is sterling (£1. All financial information presented
ha5 been rounded to the nearest 1£), unle55 0therwi5e Stated.
Golng COn￿M
The current economic conditions continue to present intreased risks for all charities. In iespollse to such
uncertain conditions. the Trustees continue to con5idei these risks carefully and the extent to which they
might affect thè preparation of the financial statements on a going concern basis. Following the
improvement in the financial situation in this financial year. the Foundations, forecasted grant
commitments are now le55 than thè valuation of its investments. The Trustee5 have a reasonable
expectation that the Foundation will maintain adequate solvency to continue in operational existence for
the foreseeable future. ActordinEly. the Trustees have adopted the going concern basis in preparing these
financial statements.
Bo515 ofconsolidotion
Con501idated financial statements have been prepared for the Foundation and its subsidiary undertakings
on a line-by-line basis. A separate Statement of Financial Activities for the Foundation ha5 been included
on page 11.
Incomlng resources
Income is recognised once the Foundation has entitlement to the funds, any performance conditions
relating to the itemlsl of income have been met, it 15 probably that the incorne will be received and the
amount can be measured reliablv.
Amounts receivable under gift aid donations are recognTsed when the Foundation has been notified of both
the amount and the settlement date. Any amounts of Gift Aid not received by the year end are accounted
foT in income and accrued irTrctsme in debtors.
Income from pooled investment vehicles is accounted for when declared by the fund manager.
Royalty income which 15 included on a receiv3ble ba515 calcu13ted on 53le5 of products arising during each
accounting period as reported by licen5ee5. Where royalty income receivable is based on a one off
settlement, the income is credited to the income statement evenly over a ten year period. No account of
royalty income 15 made until the litigation against a particular supplier is settled.
Resources expended
Liabilities are recognised a5 expenditure Hs 500n as there is a legal or constructive obli8ation committin8
the Foundation to that expenditure. it is probable that a transfer of economic benefit5 will be required in
settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an
accrua15 basis and ha5 been classified under headings thèt aggreEate all cost related to the category. Where
costs cannot be directly attributed to particular heading5 they have been allocated to activities on a basi5
consistent with the use of resource5.
15

The Howard Foundation
Notes to the Financial Statements for the year ended 5 April 2022
Accounting pollcle5 (continued)
Grants payable are payment5 made to third parties in the furtherance of the charitable objective5 of the
Foundation. Single or multi-year erants are accounted for when either the recipient ha5 a reasonable
expectation that they will receive a grant and the Trustees have agreed to pay the grant without condition.
or the recipient has a reasonable expectation that they will receive a grant and any condition attaching to
the 8rant IS Qutside of the control of the Foundation.
Allocutffon ond opportlonment of costs
Support costs have been allocated between governan¢e costs and other support Costs. Governance costs
Comprise all costs involving the public accountability of the Foundation and Its compliance with regulation
and good practice.
Fund orcounting
Unrestricted funds tan be used in accordance with the charitable objectives at the discretion of the
Trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the Foundatlon.
Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial
statements.
Investments- Chorlty only
Investments in unlisted companies. where there is no readily identifiable markèt price, are recorded at
cost less impairment. The trustee5 determine the nèed for an impairment by reference to the underlying
net a55ets of the consolidated group of companies.
Investments- Group
Pooled investment vehicle5 are valued by reference to bid prices at the close of busine55 on the reporting
date.
Reolised galns und losse5
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and
losse5 on investments are calculated a5 the difference between the sale5 proceed5 and their opening
carrying value or their purchase value if acquired subsequent to the first day of the financial yÈar.
Unreali5ed gain5 and losses are calculated as the difference between the fair value at the year end and
their carrying valuè. Realised and unrealised investment gains and losse5 are cornbined in the Statement
of Financial Activitie5.
Potents ond trademarks
The legal fee5 associated with the registering of patent5 and trademarks are c3Pltalised to in relation to
new applications.
AmortlSation is calculated so a5 to write off the c05t of an a55et. less it5 estimated residual value, over the
useful economic life of that asset as follows..
Patents
Trademarks
IO% per annum
IO% per annum
16

The Howard Foundation
Notes to the Financial Statements for the year ended 5 April 2022
Accounting policies Icontinuedj
Tongiblefixed ussets
Depreciation is prcivided at the following annual rates in order to write off each a55et over it5 estimated
Plant and machinery
Fixtures and fittings
Computer equipment
20 % and IO% per annum
- IOYO per annum
- 33% per annum
All fixed assets are initially recorded at cost.
Toxotion- Charityonty
The Howard Foundation 15 a registered charity and as such tax exemption applies to the income arising from
and expended on charitable activities and to its investment income and gains.
Taxation- Group
Taxation for the year comprises current and deferred tax. Tax is recogni5ed in the Staternent, except to the
extent that it relates to items recognised in other comprehensive income or directly in equitv.
Curreni or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted
or substantively enacted by the statement of financial position date.
Deferred tax- Gmup
Deferred tax is rectrgnised in respect of all timing differences that have originated but not reversed at the
statement of financial posltion date.
riming difference5 arise from the inclusion of Income and expenses in tax assessments in periods different
from those in which they are recognised in financial statements. Deferred tax is measured using tax rates
and laws that have been enacted or 5ub5tantively enacted by the year end and that are expected to apply
to the reversal of the timing difference.
Unrelieved taK10sses and other deferred tax assets are recogni5ed only to the extent that it is probable that
they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Research ond development
Expenditure on research and development is charged to the profit and105s account in the year in which it
is incurred with the exception of expenditure on the development of projects where the ovtcome of those
projects is assessed as being reasonably cÈrt3in as regards viability and technical feasibility. Such
expenditure 15 capitalised and amort15ed once commercial production begins.
Forei9n currencie5
A55ets and liabilities in foreign currencie5 are translated into sterling at the rate5 of exchange ruling al the
statement of financial position date. Transactions in fc*reiEn currencie5 are translated into sterling at the
rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving
at the operating result.
Penslon costs ond otherpost-retirement benefits
Howard Foundation Holdings Limited operate5 a defined ctsntribution pension scheme. Contributions
payable to the company's pension scheme are chareed to profit or105s in the period to which they relate.
Irrecoverable VA T
Irrecoverable VAT is charged a8ain5t the expenditure heading for which it was incurred.
17

The Howard Foundation
Notes to the Financial Statements for the year ended 5 April 2022
Group
Charlty
2022
2022
2021
2021
Income from Investmènts
Managed funds
Dividends from 5ub5idiary undertakings
Deposit income
39,362
33,041
19.243
136.000
16,115
40
39,367
33,081
155.243
16,115
Income from donations and legacies
Donation5 undei Gift Aid from subsidiaries
284.000
Income from charitable activities
Brain and Ocular Nutrition Conference
Contribution towards reMIND
Income and expendÈture from trading activltles
The trading results of Howard Foundation Holdings Lirnited and tts subsidiary undertakings is set out below-
2022
2021
Inwme
Income from trading activities
1,569,134
1,383,355
Expenditure
Cost of sales
Distribution costs
Administrative expenses
1927,4441 1792,5781
1136,7821 1128.3711
1273,7861 1318.193
11,338,0121 11.239,1421
Group
Chartty
2022
2022
2021
2021
C05t of raising funds
Investment management fees
16,048
12.309
5,203
4,162
16.048
12.309
4,162
18

The Howard Foundation
Notes to the Financial Statements for the year ended 5 April 2022
Expendlture from charltable actlvltles
2022
Grant
Dirert funding of
Support
Costs
artivities
costs
Isee note 91 Isee note 101
Totals
General
Howard Foundarion Chair of Human
Nutrition èt SETU
Re-MIND
Donations & sponsorship-
Dr A Howard memorial letture
Dr A Howard memorial tree
Downing college
6,477
3,687
10,164
103,124
11.719
103,124
16,100
4,381
20,CfftI
12,500
I,ioo
20,CM))
12,51)0
1,100
10,858
148A43
3.687
162,988
2021
Grant
funding of
Support
actbvities
Costs
Isee note 9115ee note 101
Direct
Costs
Totals
Gèneral
Howard Foundation Chair of Human
Nutrition at WIT
Re-MIND
Donations & sponsorship-
Dr A Howard memorial lecture
Dr A Howard memorial tree
Downing college
9,003
3,771
12,774
98.714
16,179
98,714
55,699
39,520
48,523
114.893
3.771
167,187
19

The Howard Foundation
Notes to the Financial Statements for the year ended 5 April 2022
2022
2021
Grants payable
The grants paid to institutions during the year were as follows..
ISETUI South East Technological Univer51ty, Ireland
Downing College
114,843
33,600
114.893
148,443
114.893
Support costs
Trustees expenses
Audit, accountancy and other professional fee5
87
3,600
171
3,600
3,687
3,771
These costs are 311 difectly attributable to the charitable activitie5 of the Foundation.
io
Group net incoming resources for the year
The net incoming resources is stated after cha Tging / Icreditingl..
Re31ised gain5111055esl on disposal of investments
Unrealised gains/llossesl on fair value
adjustment for investments
Auditors. remuneration..
Audit fees
Other services
11,394
15,OlQ
113,3321
437,575
3.600
9.600
3,600
9,600
20

The Howard Foundation
Notes to the Financial Statements for the year ended 5 April 2022
li
Intangible fixed assets- Group
Patents
and
trademarks
Research and
Development
costs
Totals
C05t
At 6 April 2021
Additions
DTsposals
559.472
9,434
38.380
240
597.852
9.674
At 5 April 2022
568.906
38,620
607,526
Amortisation
At 6 April 2021
Amortisation for year
Disposals
318,408
48,020
25.125
2,769
343,533
50.789
At 5 April 2022
366,428
27,894
394,322
Net book value
At 5 April 2022
202,478
10.726
213,204
At 5 April 2021
241,064
13,255
254,319
12
Tanglble fixed assets- Group
Flxtures
and
Fittings
Plant and
Machinery
Computer
Equipment
Total
Cost
At 6 April 2021
Additions
Donations
21.165
41,630
10,188
733
72,983
733
At 5 April 2022
21,165
41,630
10,921
73,716
Depreciation
At 6 April 2021
Charge for year
Donètions
19,274
1,594
37,056
2,360
9,876
439
66,206
4,393
At 5 April 2022
20,868
39.416
10,315
70.599
Net book value
At 5 April 2022
297
2.214
606
3,117
At 6 April 2021
1,891
4,574
312
6,777
21

The Howard Foundation
Note5 to the Financial Statements for the year ended 5 Aprll 2022
13
Investments- Group
Pooled
investment
vehicles
2021
2022
Market value
At 6 April 2021
Additions
Di5P05a15
Fair value / impairment adjustments
1.938,569
1,505.251
100,752
148,052
136,8801 1152,3091
113.3321
437,575
At 5 April 2022
1,989,109
1,938,569
14
Inve5tment5- Charity
Shares in
Pooled
Subsidiary investment
Undertakings
vehicles
Totals
Market value
At 6 April 2021
Additions
Di5PQ5815
Fair value / impairment adjustments
1,651,193
881,917
2.533,110
19,240
19,Z40
126.0351 126,0351
119.6611 1182.5031
1162,8421
At 5 April 2022
1.488.351
855,461
2,343,812
At S April 2021
1,651,193
881,917
2,533,110
The Foundation owns 100% of the issued Share capital of Howard Foundation Holdings limited. This
company in turn owns 100% of the issued share capital of Nutriproducts Limited and Nutrition Limited. All
of the subsidiary undertakings are re815tered in England and Wales. In respect of the active companies..
Company
Number
01932630
02351500
Shareholders
Funds (£1
1,214,956
373A03
Subsidiary Undertaking
How3rd Foundation Holdings limited
Nutriproducts Limited
The consolidated performance of these active subsidiaries can be found in note 5 to these financial
Statements.
15
Debtor5
Group
Charity
2022
2022
2021
2021
Trade debtors
Amounts owed by subsidiary undertakin85
Taxation recoverable
Other debtors
Prepayment5 and accrued income
72,527
224.771
28,591
2,590
19,489
1,193
101.118
227,361
19.489
1,193

The Howard Foundation
Notes to the Financial Statements for the year ended 5 April 2022
16
Creditors.. Amounts falling due within one year
Group
Charity
2022
2021
2022
2021
Bank loans and overdrafts
Trade creditors
Amount5 owed to 5ub5idiary undertaking5
Tax
Socia5 security costs and other taxes
Other creditor5
Accrual and deferred income
17
93,455
11,443
150,0
6,324
27
118.989
6.673
107,257
3,600
10,395
136.783
207,402
3,600
160,395
17
Movement in funds- Charlty
Net
movement in
funds
At 6.4.21
At 5.4.22
Unrestrlcted funds
Genera5 fund
2,446,416
88,549
2,534.965
Total funds
2,446,416
88,549
2,534,965
Incoming Resources
ReSoUr￿S expended
Gains and Movement
losses
In funds
Unrestricted funds
General funds
439.243
1168.1911 1182,5031
88,549
Total funds
439.243
1168.1911 1182,5031
88,549
Comparatives for movement in funds
Net
movement In
funds
At 6.4.20
At 5.4.21
Unrestrlcted furtds
General fund
1,989,483
456,933
2,446.416
Total funds
1,989,483
456.933
2,446,416
Comparative net movement in funds, included in the above are as follow5=
Incoming Resour￿$ Galns and Movement
Resources
expendèd
1055es
in funds
Unrestrlcted funds
General funds
16,115
1171,3491
612,167
456,933
Total funds
16,115
1171,3491
612,167
456,933

The Howard Foundation
Notes to the Financial Statements forthe year ended 5 April 2022
18
Other financlal commitments
The Foundation has committed to South East Technological University ISETUI that it will provide
sponsorship of the'Howard Chair in Human Nutrition. for a period of 10 years from l October 2016 until 30
September 2026. As at 5 April 2022 the remaining amount payable under this agreement 15 £661.04415
April 2021.. É734.0731. The Foundation will be released from this commitment should the current Profe550r
to whom the endowment has been allocated leave the employment of South East Technological Universitv
and a suitable replacement cannot be found.
The Foundation 15 a150 cornmitted to support a research project between the NRCI (Nutrition Research
Centre Ireland) at SETU and Sport Singapore. Known as SNIPE (Sport Nutrition Intervention in Performance
Environment) the Outstanding commitment in FY22123 is around É83,500. This is associated with a PhD
programme at SETU which the foundation 15 funding at £4,500 per year starting September 2022 and giving
an outstanding comrnitment of £18,000. The final outstanding commitment 15 for the completion of the
tree sculpture at Downing College for which £15,750 15 reserved.
19
Related party di5tlosure
During the accounting peiiod the Foundation received £284,0(X) 12021.. £nill under Gift Aid from its
subsidiary undertakings.
24

The Howard Foundation
Income and Expenditure Account
for the year ended 5 April 2022
2022
Total
funds
2021
Total
funds
Unrestricted Restricted
funds
funds
INCOME
Donations and legacies
Gift 3id
284,000
284,000
Other charitable artivities
Brain and Ocular Nutrition Conference
Re-MIND
Investment income
Deposit account interest
Managed funds- dividends receivable
Dividends from subsidiary
19.243
136.000
19,243
136,000
16.115
155,243
155.243
16.115
Total incoming resources
439,243
439,243
16,115
EXPENDITURE
Investment manègement costs
Portfolio management
5,203
5.203
4,162
Charitable activltSes
Sundries
IProfitl/L055 on foreign exchange
8rain & Ocular Nutrition Research
Bank charge5
Grant5 to institutions
2,747
3,609
4.380
122
148,443
2,747
3,609
4,380
122
148.443
72
9.157
39,520
12261
114,893
159.301
159,301
163.416
Governance costs
Trustees, expenses
Audit and legal fees
87
3.600
87
3,600
171
3.600
3,687
3.687
3.771
Total resOur￿S expended
168,191
168,191
171,349
Net lèxpenditurelllneome before gains and
Losses
271,052
271.052
1155,2341
Reallsed recogni5ed galns and losses
Realised gainslllossesl on fixed asset investments
1182,5031
1182,5031
612,167
Net lexpenditurellincome
88,549
88.549
456,933

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